Carney’s “prudent banker” brand is dead. The PBO just showed the books are being cooked

PBO Annette Ryan: the government’s fiscal “anchors” are “more like traffic lights.” Capital spending gets a green light; operating spending is a yellow at best. “Limited fiscal discipline. It’s not stopping spending.”

Real cash borrowing over five years: $733B. New debt from deficits: only $333B. The ~$400B gap is being parked with Crown corporations, loans and special funds—“a step removed from parliamentary oversight.” New risks, she said, and less transparency

The former Bank of Canada/Bank of England governor who once policed balance sheets is now redefining accounting so the headline targets stay pretty while the actual liability grows off-books. Taxpayers get stuck with the interest bil.

Carney’s “prudent banker” brand is dead. The PBO just showed the books are being cooked Debt-service costs are now the fastest-growing federal expense: $25B five years ago → $59B this year (already larger than the Canada Health Transfer) → $83B in five years. Pure interest, paid before anything else PBO Annette Ryan: the government’s fiscal “anchors” are “more like traffic lights.” Capital spending gets a green light; operating spending is a yellow at best. “Limited fiscal discipline. It’s not stopping spending.” Real cash borrowing over five years: $733B. New debt from deficits: only $333B. The ~$400B gap is being parked with Crown corporations, loans and special funds—“a step removed from parliamentary oversight.” New risks, she said, and less transparency The former Bank of Canada/Bank of England governor who once policed balance sheets is now redefining accounting so the headline targets stay pretty while the actual liability grows off-books. Taxpayers get stuck with the interest bill @PBO_DPB

— cbcwatcher (@cbcwatcher)October 25, 2026

Canada’s Defense Bank Dreams COLLPASE as UK Delivers Brutal Snub

This coalition of the middle powers didn't even last 3 months.

In a humiliating blow to Ottawa’s global ambitions, the United Kingdom has flatly rejected Canada’s invitation to join the Canadian-led Defence, Security and Resilience Bank.

Despite months of high-level talks between Prime Minister Mark Carney and UK Prime Minister Andy Burnham, Britain walked away, choosing instead to back its own Multilateral Defence Mechanism.

Officials said there were irreconcilable differences over headquarters location, joint procurement rules, and future membership criteria.

This “middle power” alliance has spectacularly failed, leaving Canada’s flagship defence project ISOLATED.”